AOL will be remembered as the company that introduced people to the internet. When going online triggered that screeching noise as computers “dialled up”, AOL was the biggest internet provider in Britain.

It soon realised that owning online content, and not just the access, was the future and decided to buy Time Warner, an “old media” business using its overinflated stock. The takeover price of $164 billion remains the largest in corporate history.

Steve Case, chief executive of AOL at the time, beamed as he took the stage with Time Warner’s Jerry Levin and pumped the air with his fist.